As part of his speech to Rotary on “Dealing with Puerto Rico’s New Economic Reality,” local economics guru Joaquin Villamil said that with its world bank rating of 110 out of 185 countries, it’s obvious that Puerto Rico needs a new economic model. He said we are losing 35,000 people per year and fewer banks remain with less assets. There are two Puerto Rico’s, he said, including one doing well and the other marginal at best. He added that it is extremely important to restructure the $23B PREPA debt, highways and public buildings, and said that we all have to be more proactive in the use of public/private entities. The Q&A section of the meeting was lively and was well participated in.
Joaquin is a graduate of the Wharton School of Finance and is well known in the economic advisory field.
Welcome our newest member Warwick W. Butler (Industrial Shelving- Retired). Warwick, a longtime resident of Puerto Rico was sponsored by Chuck Hitt & Jose Ballester.
